Dawn(SZ:002838) CMS·2025-12-11 02:19Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company is acquiring 80% of Ningbo Aisikai Synthetic Rubber Co., Ltd. for 520 million RMB, which will enhance its performance and complete its industrial chain [1][2]. - The acquisition aligns with the company's strategic development, enriching its product structure and improving its technological capabilities in the elastomer sector [2][7]. - The integration of EPDM production will reduce reliance on external raw materials, addressing upstream supply chain issues [2][7]. Financial Summary - The company expects to achieve revenues of 61.3 billion RMB, 72.8 billion RMB, and 83.4 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 19%, and 15% [7][10]. - The projected net profit for 2025 is 2.1 billion RMB, with a growth rate of 49%, and is expected to reach 3.1 billion RMB and 4.4 billion RMB in 2026 and 2027, respectively [7][10]. - The company's earnings per share (EPS) are forecasted to be 0.44 RMB, 0.65 RMB, and 0.92 RMB for 2025, 2026, and 2027, respectively [10]. Market Performance - The company's stock has shown a 34% increase over the past six months and a 91% increase over the past year [5]. - The current stock price is 25.58 RMB, with a total market capitalization of 12.2 billion RMB [3].